Business 530 - Marketing Management » Winter 2023 » Chapter 01 Why is Marketing Management Important

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Question #1
An exchange relationship exists between a firm and its customers in marketing.
A.   False
B.   True
Question #2
Which of the following is an example of an industry marketing itself?
A.   An ad encouraging the purchase of a Firefox mountain bike.
B.   An ad encouraging the consumption of a Snickers bar.
C.   An ad encouraging the consumption of eggs.
D.   An ad introducing Pizza Hut's new menu.
Question #3
Typically, marketers at _____ create ads that are related to "Drinking responsibly."
A.   breweries
B.   departmental stores
C.   bars
D.   government agencies
Question #4
In the context of the marketing framework, corporation is one of the elements in the 5Cs.
A.   False
B.   True
Question #5
The STP helps systematically frame the general analysis of the entire business situation.
A.   True
B.   False
Question #6
In the context of the marketing management framework, the 4Ps precede STP.
A.   False
B.   True
Question #7
With respect to the 5Cs in the marketing framework, "context" includes the backdrop of micro-environment factors.
A.   True
B.   False
Question #8
With respect to the 5Cs in the marketing framework, which of the following is an example of "context"?
A.   A firm's stockholder
B.   A firm's complementary good
C.   A firm's stock product
D.   A firm's natural resources
Question #9
The central players in a marketing exchange are:
A.   customer and company.
B.   context and market concentration.
C.   price and promotion.
D.   collaborators and competitors.
Question #10
STP stands for segmentation, targeting, and _____.
A.   production
B.   promotion
C.   positioning
D.   pricing
Question #11
With respect to STP in the marketing framework, the targeting process helps:
A.   select a group of customers from a set of identified groups.
B.   provide additional information about a product to the public.
C.   create an image of the product in the mind of a selected customer.
D.   educate customers about a product's benefits and values.
Question #12
With respect to STP in the marketing framework, which of the following statements distinguishes segmentation from targeting?
A.   Segmentation deals with tangible goods, while targeting deals with intangible services.
B.   Segmentation identifies the customers and collaborators of a company, while targeting deals with the competitive factors in an industry.
C.   Segmentation identifies the marketing effort required for a macro-environment group, while targeting identifies the marketing effort required for a micro-environment group.
D.   Segmentation identifies groups with similar wants or needs, while targeting deals with the marketing efforts required for an identified group.
Question #13
With respect to STP in the marketing framework, the positioning process helps a marketer to:
A.   choose a niche group segment from a selected set of industrial customers.
B.   evaluate groups of industrial customers who share similar wants and needs.
C.   analyze the market potential for a product's horizontal diversification.
D.   communicate a product's benefits clearly to the intended target customers.
Question #14
The 5Cs, STP, and 4Ps operate interdependently.
A.   True
B.   False
Question #15
Great marketing is an art based on an individual's soft skills and instincts.
A.   True
B.   False

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